Earning after death is something extraordinary and only the truly deserving are able to achieve this. Of all the dead musicians, top postmortem performer is Michael Jackson. He still continues to the top earning musician after his death of 4 years. More than $160 million in the last year and is earns the most than any living or dead musician. Competitor to Michael Jackson is Elvis Presley and he earns $55 million. His steady earning though is great; Michael Jackson earns thrice more than this next competitor. With $18 million with sales of over 75 million albums after his death, Bob Marley comes third. The number 4 place goes to John Lennon who had earned $12 million last year, and the credit goes to his far-reaching songwriting achievements. Selling more than 880,000 records after her death last year, Jenni Rivera lands on the fifth place with $7 million earnings.
Of all the dead musicians, it is easy to determine, Michael Jackson has earned much in terms of revenue and has sold more records all these 4 years since his death. Remember, the figures here are only of what he had earned after his decease. What has he done with all the money earned during his lifetime can be known through Michael Jackson’s will.
What Michael Jackson says in his will?
Michael Jackson’s will was signed on July 7 in the year of 2002. He had revoked all the previous wills he had signed with this will. Estate taxes can be reduced with the irrevocable trust. This is used by many married couples to cut down the tax. Michael Jackson has poured over his assists to the Michael Jackson Family Trust, and this is a revocable trust. Unlike the previously mentioned special irrevocable trust which cuts the estate taxes, Michael Jackson Family Trust is a revocable living trust. The co-executors of the will are John Branca, John McClain, and Barry Siegel. Branca is Jackson family’s attorney, McClain is the music executive, and Siegel is an accountant of Jackson Family.
Michael Jackson left his three minor children when he expired on 25 June, 2009, Michael Joseph Prince Jackson, Paris Katherine Michael Jackson, and Prince Michael Blanket Jackson. Michael Jackson’s former wife and mother of Prince and Paris Jackson, does not inherit any property from Michael Jackson, as she is not a beneficiary of the will. The guardian of the children is mother of Michael Jackson, Katherine Jackson. While the backup guardian is Diana Ross, Deborah Jackson and Katherine Jackson reach an agreement, which allowed the guardian for all the three children to be Katherine Jackson, as stated in the will. Deliberately omitted from the will is not only the former wife of Jackson, Deborah Rowe, but also father of Michael Jackson, Joe Jackson. Michael Jackson’s will, has nothing on the nature of the assets he owned or the net value of the assets. In fact, no such information is required on any will.
Who inherits and when?
If you want to know who inherits what and when from Michael Jackson’s will, then you need to understand this trust based will, the trust agreement decrees what is inherited by whom and when. 20% of the pop star’s assets can be shared among one or more children’s charities. The charities are to be chosen by the trustee, Katherine Jackson and the co-trustees John Branca and John McClain. The rest of the assets are to be shared among the three kids and Katherine Jackson. While Michael Jackson’s mother inherits 50% of the share, and the remaining 50% is shared equally by the three children. The share of Katherine Jackson and the three children are maintained by different trusts.
Michael Jackson’s will is a short document of only 5 pages and the trust agreement is of 21 pages.
Author Bio: Victoria H. is a popular advisor on making wills. Victoria H. has made a brief list of the beneficiaries and the sharing of assists as per Michael Jackson’s will for the benefit of the readers across the globe to get a glimpse of this brief will.